Online Business Expansion Proposal - 3850 Words

Online Business Expansion Proposal (Research Proposal Sample) Content: ONLINE BUSINESS EXPANSION PROPOSALSurnameInstitutionONLINE BUSINESS EXPANSION PROPOSALViability of product or service An essential part of expanding an online real estate management business is determining the viability of this service or product being sold. To achieve this, one needs to perform market research in an effort to gain information on the level of demand for such service or product one is planning to offer, as well as where potential buyers can be found. Then an examination of the competition in that marketplace, which is the internet, should be carried out in order to find out where an individual stands. Finally, a market or position niche should be established for the real estate management service or product. A market research comprises of finding different groups of potential customers, with interest in property management who by any chance might be interested in the real estate service or product. One need to find out what the customers needs are and which of those needs they can meet with they plan to offer. In most cases, there is always a service or product demand but the prospects or potential buyers appear to be highly few. Other times there appears to be many potential buyers whose demands cannot be met. Good research will always leave room for finding the viability of selling this service or product. One needs to always know where the competition is. Which businesses are providing similar services or products? From this knowledge, one can easily analyze the competition in order to determine the demand for their product, and the supply. One must look at the world-wide competition all over the internet. Whenever competing with larger companies, it is best to establish a market niche that cannot be effectively touched by the competition. Determining ones market niche is critical in gaining potential buyers and customers for the property management service or product. Businesss case for making changes to the website A busine ss case refers to an argument that is usually documented, intended to convince any decision maker to approve some action. The strength of the online real estate management business case is as essential as the value inherent in the whole project. If individuals cannot demonstrate the value of the online property management business, then its value will never be understood. And if the value of the project to the online real estate management business is never understood, then the proposal is unlikely to be approved. This document should follow a standard format that appears relevant to any project. Why does it make sense to go online? There are many reasons to take a property management business online. Like the freedom to work from home or even anywhere, and the desire to make more money. Most online business will require a laptop and the discipline of using it. Online businesses and internet commerce keep growing annually and online advertising is among the fastest growing segments of the market.Advantages and challenges of going online The internet appears to be a vast equalizer. Although big corporations exist online, there is still room for the small businesses. If an individual is willing to learn and has the ambition, there are many opportunities to explore. If one is low on cash, the low initial capital input comes into play. An online property management business runs around the clock. Business owners easily make money as they are asleep! Going online is also accompanied by various challenges. Finding a niche is one of them. The internet appears to be an extremely competitive marketplace, where only a few ideas enjoy long-term success. Competition from other large businesses such as eBay and Amazon requires well positioning of the real estate management service or product as well as a viable niche. Another challenge is technology; online consumers will always avoid the websites experiencing frequent outages and do not provide adequate purchasing securi ty. Investing in security options and reliable servers as well updating ones technology continuously in an effort to address the newest threats, is vital in maintaining consumer confidence and establishing a strong online brand. Another challenge is logistics. Even if ones property management business exists in cyberspace, their potential buyers will always expect real, tangible services and goods in the same way the business owner will expect to receive real, usable money in return. Making an individuals online real estate management business valuable for them, and their potential customers in the real world calls for individuals to think through and invest in ways to ship goods, transfer payments and easily receive the money, provide customer service as well as stay on the safe side of various legal issues such as import tariffs, copyright restrictions and taxes. Marketing is also an online business challenge. Internal marketing, including everything like the social media campaign s to website copy and email blitzes, is a highly competitive and technical space. The internet provides the opportunity of reaching a global customer base, but at the same time the danger of wasting ones budget and content on other individuals who have no real interest in the service or product. Current Online Competitor Assessment An online competitor assessment or the competitive analysis refers to an online business-planning tool, that accounts for the presence as well as the potential impact that competitors offer on the online business decisions. It involves an assessment of the competition in the market aimed at informing online business decisions. Its purpose is to help account for the presence of competitors when making online property management business decisions. Market trend refers to the tendency of a financial market to move in one given direction over time. Trends can be classified as secondary for a short time frames, primary for the medium time frames and secular fo r a long time frame. Marketing concepts are the management philosophy according to which an online business can be best achieved, through satisfaction and identification of the potential customers stated and unstated wants and needs. Competitor Websites Zillow.comIt is a home as well as a real estate marketplace that is dedicated to assisting homeowners, home, sellers, real estate agents, renters, property managers and landlords share and finds information about real estate, mortgages and homes. RentersWarehouse.com This is Marylands fastest growing residential property management firm. This firm offers both Maryland tenant placement services as well as Maryland Property Management. The online business fills over 1700 properties annually, and it currently manages over half a billion dollars worth of residential real estate. It is dedicated to assisting every property owner to manage or rent their residential real estate with cost-effective, comprehensive property management services that give the maximum ROI on the rental property investment. RealEstate.com Offers a simplified means of Home selling and Home buying, it features for-sale property listings across the United States of America, including foreclosed homes and rentals as well as new construction of houses. The real estate listings on the site originate from multiple listing services countrywide, providing up to date and most accurate information on homes for sale. Online Marketing Suggestions Strategies Making use of the online strategies and methods helps build the online property management business bigger than it can be ever considered, with potential customers from all over the world. The customer refers to the group of potential customers that the online real estate management business is serving. In most cases, a large part of this group is comprised of repeat potential customers with a high ratio of purchase over time. They appear to be the main source of consumer spending. The customer base is normally considered the online property management businesss target market, where the potential customer behaviors are well understood through past experience or online market research. All the actions that the online property management businesses take would be through the consideration of its customer base. Consumer demographics refer to certain characteristics of individuals that better define them as the main potential buying groups. They can include household income, age, occupation, education or even gender. Once the online property management business better understands the various potential consumer demographics of each of their customer base, it can develop different marketing strategies that only target the key potential customers. Competitive advantage always seeks to address the criticism of comparative advantage. The competitive advantage theory suggests that businesses and states should only pursue policies that always create high quality goods, to sell in the mar kets at high prices. Competitive advantage occurs when an online business develops or acquires a given attribute or even a combination of attributes that give it an opportunity to outperform its competitors. In the aggressive online business world, every advantage always counts to establish the online business at the top of the industry. Gaining a competitive advantage takes extensive research and strategic planning. The target audience is a group of individuals within the targeted online market at which the service or product or even the marketing message of a product is always aimed. On the other hand, branding is among the latest trends that every online property management business is utilizing. Branding involves lots of technicalities that the online real estate management business has to deal with in order to succe...